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Bitcoin’s market dominance drops to 50% for the first time since mid-2018.

Bitcoin Core's code maintainers Samuel Dobson has stepped down, leaving the exclusive development group with possibly just th
Bitcoin Core’s code maintainers Samuel Dobson has stepped down, leaving the exclusive development group with possibly just three or four members.

According to data from Tradingview, Bitcoin’s market dominance dropped to 50% on April 22, marking the lowest point it has been for 33 months. At the time of writing, it has recovered marginally to 51.48%. A two-month consolidation period at the 62% level ended last month when altcoins started to take off. Bitcoin’s market dominance fell steadily throughout April, shedding 12% to the current level. Bitcoin has witnessed a massive winning rally this year.

Bitcoin’s market share last dropped 50% was in mid-2018.

The last time Bitcoin’s market share plunged to 50% was in July 2018, when it was priced at just under $8,000. It was the middle of a long bear market that would see the BTC’s price plunged to $3,200 by the middle of December the same year. The leading cryptocurrency’s dominance has been lower; in January 2018, when altcoins were at their peaks, the largest cryptocurrency only commanded 35% of the market. As was the case during the last bull run, Ethereum has taken the largest chunk out of Bitcoin’s market pie. Ethereum is just below 30% of Bitcoin’s market cap with $285 billion compared to $978 billion. Ethereum has a market share of 14.25%.

Bitcoin recovers from its weekend dip to trade above $52,000.

Ethereum continues to trade high while BTC has corrected around 27% to Sunday’s low of $47,250. Ethereum’s total correction since ATH has been 18% by comparison as it fell to $2,150 over the weekend. At the time of writing, BTC is changing hands at just above $52,000. Binance Coin has also powered up the crypto coin cap charts into third with $82 billion and a 4% share of the total market, which has just topped $2 trillion again. The surge in stablecoins in circulation has also contributed to Bitcoin’s diminishing market share over the past few months.

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